Financial Analysis

ACQUISITIONS The Company did not complete any acquisitions during the three months ended May 3, 2026 or the three months ended May 4, 2025. Below is a summary of the acquisitions that closed during the fiscal year ended February 1, 2026 (the Fiscal 2025 Acquisitions) with an aggregate transaction value of $76 million, subject to working capital adjustments, respectively. Fiscal 2025 Acquisitions On January 26, 2026, the Company acquired all of the outstanding shares of Pioneer Supply LLC (Pioneer Supply). Pioneer Supply has two locations and is a distributor of water and wastewater products. On September 30, 2025, the Company acquired certain assets and assumed certain liabilities of Canada Waterworks Inc. and Canada Waterworks Ottawa Inc. (collectively, Canada Waterworks). Canada Waterworks has three locations and is a Canadian distributor of water and wastewater products. The following table represents the preliminary allocation of the transaction price to the fair value of identifiable assets acquired and liabilities assumed in the Fiscal 2025 Acquisitions. The allocations are preliminary for items including review of working capital balances. Fiscal 2025 Acquisitions Cash $ Receivables 22 Inventories 14 Intangible assets 25 Goodwill 24 Property, plant and equipment 1 Operating lease right-of-use assets 2 Other assets, current and non-current 1 Total assets acquired 89 Accounts payable 10 Operating lease liabilities, current and non-current 2 Deferred consideration 14 Othe …

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DEBT Debt consisted of the following: May 3, 2026 February 1, 2026 Principal Unamortized Discount and Debt Issuance Costs Principal Unamortized Discount and Debt Issuance Costs Current maturities of long-term debt: Senior Term Loan due July 2028 $ 15 $ $ 15 $ Senior Term Loan due February 2031 9 9 24 24 Long-term debt: Senior ABL Credit Facility due April 2031 Senior Term Loan due July 2028 1,215 8 1,218 9 Senior Term Loan due February 2031 921 8 924 9 2,136 16 2,142 18 Total $ 2,160 $ 16 $ 2,166 $ 18 The Companys debt obligations as of May 3, 2026 include the following debt agreements: Senior Term Loan Credit Facility Core & Main LP has entered into a Senior Term Loan Credit Facility (as defined herein) under which it can incur tranches of indebtedness. Pursuant to the Senior Term Loan Credit Facility, Core & Main LP entered into a $1,500 million senior term loan (the 2028 Senior Term Loan), which matures on July 27, 2028. The 2028 Senior Term Loan requires quarterly principal payments on the last business day of each fiscal quarter in an amount equal to approximately 0.25% of the original principal amount. The remaining balance is payable upon final maturity of the 2028 Senior Term Loan on July 27, 2028. The 2028 Senior Term Loan bears interest at a rate equal to (i) term secured overnight financing rate (Term SOFR) plus, in each case, an effective applicable margin of 2.00% or (ii) the base rate, which will be the highest of (x) the corporate base rate established …

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The following table represents net sales disaggregated by product category: Three Months Ended Product Category May 3, 2026 May 4, 2025 Pipes, valves & fittings products $ 1,274 $ 1,297 Storm drainage products 278 295 Fire protection products 178 152 Smart utility products 180 167 Total net sales $ 1,910 $ 1,911

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GOODWILL AND INTANGIBLE ASSETS Goodwill The carrying amount of the Companys goodwill included in its Balance Sheets is as follows: May 3, 2026 February 1, 2026 Gross Goodwill $ 1,921 $ 1,920 Accumulated Impairment Net Goodwill $ 1,921 $ 1,920 The changes in the carrying amount of goodwill are as follows: Three Months Ended May 3, 2026 Beginning Balance $ 1,920 Foreign currency translation and other 1 Ending Balance $ 1,921 Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company does not amortize goodwill but does assess the recoverability of goodwill on an annual basis during the fourth quarter. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value, an interim impairment test would be performed between annual tests. Intangible Assets The Companys intangible assets included in its Balance Sheets consist of the following: May 3, 2026 February 1, 2026 Gross Intangible Accumulated Amortization Net Intangible Gross Intangible Accumulated Amortization Net Intangible Customer relationships $ 1,796 $ 1,049 $ 747 $ 1,796 $ 1,014 $ 782 Internal use software 40 40 36 36 Other intangible assets 12 8 4 12 7 5 Total $ 1,848 $ 1,057 $ 791 $ 1,844 $ 1,021 $ 823 Amortization expense related to intangible assets was as follows: Three Months Ended May 3, 2026 May 4, 2025 Amortization expense $ 36 $ 37 The estimated aggregate amortization expense on intangible …

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INCOME TAXES For the three months ended May 3, 2026 and three months ended May 4, 2025 the Companys effective tax rate was 24.7% and 25.5%, respectively. Tax Receivable Agreements The Company is party to a tax receivable agreement with certain stockholders affiliated with Clayton, Dublier & Rice (CD&R) that transferred all of their Partnership Interests at the time of the initial public offering (the Former Limited Partners Tax Receivable Agreement) and a tax receivable agreement with certain stockholders affiliated with CD&R and Core & Main Management Feeder, LLC (Management Feeder) that continued to own Partnership Interests beyond the time of the initial public offering (the Continuing Limited Partners Tax Receivable Agreement) (collectively, the Tax Receivable Agreements). The Company has generated tax attributes, and expects to generate additional tax attributes with future exchanges of Partnership Interests, that will reduce amounts that it would otherwise pay in the future to various tax authorities. The Tax Receivable Agreements provide payments to the parties subject to the Tax Receivable Agreements, or their permitted transferees, of 85% of the tax benefits realized by the Company, or in some circumstances are deemed to be realized. The Company recorded payables to related parties pursuant to the Tax Receivable Agreements of $683 million and $720 million as of May 3, 2026 and February 1, 2026, respectively. Payments under the Tax Receivable Agreement …

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RECENT ACCOUNTING PRONOUNCEMENTS Disaggregation of Income Statement Expenses - In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03). The new guidance requires additional disclosure related to the disaggregation of income statement expense categories. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 is expected to result in additional disclosures and the Company is currently evaluating the effect this standard will have on the consolidated financial statements. Targeted Improvements to the Accounting for Internal-Use Software - In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). The new guidance revises the criteria as to when an entity is required to start capitalizing software costs and requires an entity to evaluate whether the probable-to-completion recognition threshold has been met. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect this standard will have on the consolidated financial statements and related disclosures. …

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RELATED PARTIES The Company has entered into the Tax Receivable Agreements and the Exchange Agreement, dated as of July 22, 2021 (as amended, the Exchange Agreement) with related parties, that are discussed in Note 14 to the audited consolidated financial statements in our 2025 Annual Report on Form 10-K. There have been no significant changes to these related party agreements. …

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REVENUE Disaggregation of Revenue The following table represents net sales disaggregated by product category: Three Months Ended Product Category May 3, 2026 May 4, 2025 Pipes, valves & fittings products $ 1,274 $ 1,297 Storm drainage products 278 295 Fire protection products 178 152 Smart utility products 180 167 Total net sales $ 1,910 $ 1,911

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